In 2020, MSMEs' GDP contracted by 7.3% against the 5.5% contraction in the nation’s economy, while in 2021, the MSME registered economic growth of just 1% against the overall economic growth of 3.1%.
THE Malaysian micro, small, and medium enterprises (MSMEs) are the cornerstone of the economy as they account for some 37.4% of the nation’s economic output and account for 47.8% of the country’s employed persons based on data from the Statistics Department.
Interestingly, MSMEs, which have always shown outperformance in terms of economic output when compared with the nation’s gross domestic product (GDP) between 2004 and 2019, underperformed in 2020, mainly due to the Covid-19 pandemic, and again in 2021.
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